The following background information may present examples of specific aspects of the prior art (e.g., without limitation, approaches, facts, or common wisdom) that, while expected to be helpful to further educate the reader as to additional aspects of the prior art, is not to be construed as limiting the present invention, or any embodiments thereof, to anything stated or implied therein or inferred thereupon.
The following is an example of a specific aspect in the prior art that, while expected to be helpful to further educate the reader as to additional aspects of the prior art, is not to be construed as limiting the present invention, or any embodiments thereof, to anything stated or implied therein or inferred thereupon. One invention shows a system and method to provide a universal loyalty currency, facilitate exchange of loyalty benefits, and allow payments using loyalty benefits. In this invention, a group of businesses may give points to customers through a credit, debit, or pre-paid financial arrangement employing a transaction processing system. Using a specialized or non-specialized card at a participating merchant in the group, a customer earns points that can be used at any merchant within the group. A merchant may specify different exchange rates of loyalty benefits and price discounts for products and/or services provided by the respective merchants.
By way of educational background, another aspect of the prior art generally useful to be aware of is that a system allows customers to make purchases and earn rewards from a plurality of participant merchants using multiple payment forms, and at the same time, allows customers to redeem rewards at both participant and non-participant merchants. The system may be implemented in both physical retail environments and online shopping environments.
By way of educational background, another aspect of the prior art generally useful to be aware of is that some companies offer digitally-based loyalty rewards programs that allow customers to visit participating businesses and earn rewards for making purchases. The rewards that customers earn from these programs may only be redeemed at the businesses they were earned at.
In view of the foregoing, it is clear that these traditional techniques are not perfect and leave room for more optimal approaches.
Unless otherwise indicated illustrations in the figures are not necessarily drawn to scale.